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When you find yourself in dire economic straits, a personal loan might be your best option. While these loans often have high interest rates, they can still provide last minute relief when all other options have failed. Once you have the loan, you should try to make the money last as long as possible. Since they have such high interest rates, you’re not going to want to obtain another loan any time soon. It’s much better to make do with the money you already have. Here’s how to stretch your money and make the most of a difficult situation.

How to Make Your Personal Loan Stretch Farther

Get a Personal Loan

The first step in this entire process is to get the personal loan that’s right for you. This is an important decision, so you should do some research and consider all your options. No matter how badly you need the money now, don’t forget to consider how the terms of the loan will affect your finances down the road.

Create a Budget

Budgeting is almost always the key to navigating a period of financial uncertainty. In order to make your money last, you need to account for all your needs and expenses. Use a notebook or digital spreadsheet to lay out all the money you’ll simply have to spend in the coming weeks. This could include rent, mortgage payments, car loans, and food for your family. Then, identify how much you can afford to spend on top of these expenses and still make the money last until your next infusion of cash.

Cut out Needless Expenses

If you’re running out of money too fast, you’ll need to assess your habits and determine where you’re spending your money. You’ll likely find that there are certain unnecessary expenses that you could eliminate, thereby making your money last. From daily coffees to extra snacks, there are needless purchases we’re all guilty of making. Remember to abandon these habits when times are tough.

Look for Free Forms of Entertainment

Just because you’re short on funds, you shouldn’t stop looking for ways to have fun. In fact, you probably need moments of leisure now more than ever. From strolls in the park to hikes in the woods, look for free ways to enjoy your time and forget your financial concerns.

Personal loans can keep you going, but it’s on you to make the money last. Use these strategies to stretch those limited funds.